1404 Colburn St · Toledo, OH 43609

$86,900

9 bd · 3.9 ba · 6,932 sqft · MultiFamily · 1 Days on market

Built 1917 Poor condition 4,759 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.5/5.0
• Livability +3.3/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investor special! Multi-unit property with strong upside potential and instant equity. Currently generating $850/month from one occupied unit has rent potential of $3400+, with the remaining units vacant and ready for value-add improvements. The Two lower units need some TLC and light remodeling. Features include a 3-car garage, extra-large lot, and plenty of room to add additional parking. Great opportunity for investors looking to increase cash flow and build equity. Sold as-is. Come check it out

Key facts

• Extra-large lot
• Additional parking
• Multi-unit property

Tags

• MULTI-UNIT PROPERTY
• EXTRA-LARGE LOT
• ADDITIONAL PARKING

Property features AI

Finance

• Financial info: 4 total units (1 leased, 3 vacant); 1 building; Tenant and owner responsibilities: other

Exterior

• Parking: Detached garage; Accessible parking; Off-street parking; Alley access; Additional parking; Total 4 parking spaces (3 garage spaces)
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Residential income property (quadruplex); Two-story building; Entry level raised
• Construction: Brick construction; Raised foundation
• Exterior features: Flat roof; Corner lot; City street frontage; Asphalt road surface; Other structures - see remarks

Interior

• Flooring: Vinyl flooring
• Heating & cooling: Radiator heating with boiler; Wall cooling units
• Interior features: Other interior features
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $87k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $758/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $87k).
• Cap rate 37.7% vs local median 7.6% in Toledo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 66/100 on livability (#645 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, crime F, commute F.
• Toledo City (urban): math 15% / reading 24% proficiency, ranked #634 of 656 in OH (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Robinson Elementary School (math 2% / reading 2%, grade F, #1,580 of 1,584 statewide, top 100%, 358 students, 0% FRL); Bowsher High School (math 23% / reading 45%, grade F, #596 of 781 statewide, top 76%, 1,240 students, 49% FRL) — zoned schools average 25% FRL vs 72% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.8%/yr); 99 active listings in the ZIP; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $3,638/mo this rent would consume 103% of the median local household income ($42k/yr) (locally 1603% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $1k of equity ($601 loan paydown + $651 appreciation (0.8% local appreciation)).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.8% appreciation + 7.8% rent growth), your $24k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 4.19% ✓
• Cap rate: 37.69%
• Cash-on-cash: 112.12%
• DSCR: 5.99
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.75% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.73×
• Total profit: $163,839
• Equity at exit: $28,538

10-year hold

• IRR: —
• Equity multiple: 18.58×
• Total profit: $427,856
• Equity at exit: $37,068

Cash invested: $24,332 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 43609

• Home prices YoY: 0.3%
• Rents YoY: 7.8%
• Active inventory: 99
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $3,638 medium
• Mortgage (P&I): −$456
• Tax est. 1.5%: −$109 /mo · $1,304/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$764
• Net cashflow: $2,273

Break-even live

Break-even rent $760

Max offer price $86,900

Occupancy floor 33%

Sensitivity live

Price	-10% $2,334	-5% $2,304	+0% $2,273	+5% $2,243	+10% $2,213
Rent	-10% $1,986	-5% $2,130	+0% $2,273	+5% $2,417	+10% $2,561
Rate	-1.0pp $2,317	-0.5pp $2,296	base $2,273	+0.5pp $2,251	+1.0pp $2,228

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$3,639
Total (3 units)			$3,638

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $21,725
• Closing costs: $2,607
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-19
   remarks 503-char remark
2. 2026-06-19
   listed $86,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,656
• − Mortgage interest: −$4,868
• − Property taxes: −$1,304
• − Insurance: −$434
• − Repairs & maintenance: −$3,492
• − Management: −$3,492
• − Depreciation: −$2,528
• Taxable income: $27,537
• Est. tax owed @ 24.0%: −$6,609
• After-tax cash flow: $20,673/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to bring it up to code and make it move-in ready. Immediate action is needed to address safety hazards and structural damage.

Repairs flagged

• Major Exposed wiring — Exposed wiring poses a safety hazard and needs immediate repair
• Major Debris — Debris indicates significant damage and needs removal
• Major Missing ceiling tiles — Missing ceiling tiles indicate structural damage and need replacement
• Major Peeling paint — Peeling paint indicates significant wear and tear and needs repainting
• Major Boarded-up windows — Boarded-up windows indicate structural damage and need repair

Value-add opportunities

• Both Landscaping and exterior repairs — Aesthetic improvements will attract buyers and renters
• Both Interior repairs and updates — Interior repairs will make the property move-in ready and increase its value
• Both HVAC maintenance and upgrades — A functional HVAC system will improve comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed wiring · Exposed wiring poses a safety hazard and needs immediate repair	Major	$15,000–50,000
Debris · Debris indicates significant damage and needs removal	Major	$15,000–50,000
Missing ceiling tiles · Missing ceiling tiles indicate structural damage and need replacement	Major	$15,000–50,000
Peeling paint · Peeling paint indicates significant wear and tear and needs repainting	Major	$15,000–50,000
Boarded-up windows · Boarded-up windows indicate structural damage and need repair	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Landscaping and exterior repairs — Aesthetic improvements will attract buyers and renters ↑
• Both Interior repairs and updates — Interior repairs will make the property move-in ready and increase its value ↑
• Both HVAC maintenance and upgrades — A functional HVAC system will improve comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Toledo City
• NCES district ID: 3904490
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 24% ▼ -13.00%
• Median HH income: $32,137
• Composite: 15.76/100
• National rank: #9276
• State rank: #634 of 656 in OH

Livability — Toledo

• Score: 66/100
• State rank: #645
• US rank: #11442

Category grades

Amenities C- Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Toledo, OH
• County: Lucas County · 380,724 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 21,404
• Household income: $42,313
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 1603.0

Population outlook (Lucas County) Hauer SSP2

• Today (2025): 420,751 people
• By 2030: 410,187 · -2.5%
• By 2040: 384,019 · -8.7%
• By 2050: 355,125 · -15.6%
• By 2075: 291,683 · -30.7%
• By 2100: 233,670 · -44.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 47% Black 29% Hispanic / Latino 17% Two or more races 9%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Arabic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Lucas

• 2024 margin: D (+12.6) · D 55.8% · R 43.2%
• 2008→2024 swing: -18.9pp toward R · 2008: 31.4pp · 2024: 12.6pp
• All cycles: 2024: D+12.6 2020: D+16.8 2016: D+17.4 2012: D+30.4 2008: D+31.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.75%
• Current HPI: 235.2515
• Rent YoY: ▲ 7.80%
• Metro: Toledo, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

1 event — show timeline

• 2026-06-18 Listed $86,900 NORIS